Columbia Pipeline Partners LP, an MLP spun out of NiSource to own natural gas pipelines and storage systems, announced terms for its IPO on Monday. The Houston, TX-based company plans to raise $800 million by offering 40 million shares at a price range of $19 to $21. At the midpoint of the proposed range, it would command a market value of $1.9 billion.
Columbia Pipeline Partners LP, which was founded in 2007 and booked $1.3 billion in sales for the 12 months ended September 30, 2014, plans to list on the NYSE under the symbol CPPL. Barclays, Citi, BofA Merrill Lynch, Goldman Sachs, J.P. Morgan, Morgan Stanley and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of February 2, 2015.